Global Artificial Intelligence Market: Snapshot
Increasing adoption rate of big data and AI advanced has largely benefited the global artificial intelligence market. Various end-use industries have also employed artificial intelligence such as retail and business analysis that has also boosted the demand in this market. Moreover, growing progression need in the zones of machine interpretation, question acknowledgment, and protest observation has further augmented the demand for artificial intelligence.
However, slow adoption rate and lack of technical expertise might hamper the growth of this market. High expenditure cost while installing artificial intelligence systems and high development cost can also restrain market performance. Nevertheless, with advanced parallel handling capacities and increasing data stockpiling limit might aid in minimizing these restraints and fuel the market growth
Transparency Market Research provides complete insight in its recent report on the global artificial intelligence market. According to the report, the market is projected to rise at a staggering growth rate of 36.10% from 2016 to 2024. Growing at this rate can help the market to attain a valuation of US$3, 061.3 bn by the end of 2024 progressing from US126.24 bn earned in 2015.
Demand for Digital Assistance System to Grow Due To Rising Use of Mobile Computing Devices
The global artificial intelligence market is categorized on the basis of type and application. Based on type, the market is segmented into digital assistance system, artificial neural network, expert system, embedded systems, and automated robotic system. Of these, the expert system has a maximum share in the market. However, the digital assistance system segment is expected to rise significantly over the forecast tenure. This growth is attributed to the increasing demand for laptops, tablets, smartphones, and other mobile computing devices.
Artificial intelligence is employed in numerous areas including smart robots, deep learning, image recognition, querying method, digital personal assistant, language processing, video analysis, gesture control, cyber-security, speech recognition, and context-aware processing. Out of these, artificial intelligence is widely applied in deep learning. The deep learning segment is expected to hold maximum share in this market in the coming years. The digital personal assistance and image recognition segments are also expected to implement artificial intelligence largely in near future.
Growing Popularity of Robotic Automation to Boost Demand for Artificial Intelligence in Middle East
On geographical point of view, the global artificial intelligence market covers Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these regions, North America dominates the market by holding 38.0% share. In the near future, the Middle East and Africa are projected to rise at an excellent growth rate of 38.2%. The growing popularity of robotic automation and aggressive use of advanced technologies will further drive the demand in this market. Moreover, this region will create lucrative growth opportunities for the artificial intelligence market and help in building advanced airport building and other construction projects.
Key players operating in the global artificial intelligence market are given in the report. The objective of providing vendors landscape is to give the insight as to how competition in the market will grow in the forthcoming years. Key strategies such as merger and acquisitions, partnerships, innovation, research and development that are used by these players are also mentioned in the report. Next IT Corporation, Google Inc., Brighterion Inc., IBM Corporation, and IntelliResponse Systems Inc. are some of the companies analyzed in the report.
The “Artificial Intelligence Market” report provides analysis of the global artificial intelligence market for the period 2014–2024, wherein the years from 2016 to 2024 is the forecast period and 2015 is considered as the base year. The report precisely covers all the major trends and technologies playing a major role in the artificial intelligence market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Bn), across different geographies, which includes Asia Pacific (APAC), Latin America (LATAM), North America, Europe, and Middle East & Africa (MEA).
The market overview section of the report showcases the market’s dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. Moreover, the report provides the overview of various strategies and the winning imperatives of the key players in the artificial intelligence market and analyzes their behavior in the prevailing market dynamics.
The report segments the global artificial intelligence market on the types of artificial intelligence systems into artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system. By application, the market has been classified into deep learning, smart robots, image recognition, digital personal assistant, querying method, language processing, gesture control, video analysis, speech recognition, context aware processing, and cyber security. Thus, the report provides in-depth cross-segment analysis for the artificial intelligence market and classifies it into various levels, thereby providing valuable insights on macro as well as micro level.
The report also provides the competitive landscape for the artificial intelligence market, thereby positioning all the major players according to their geographic presence, market attractiveness and recent key developments. The complete artificial intelligence market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the artificial intelligence market’s growth.
QlikTech International AB, MicroStrategy Inc., IBM Corporation, Google, Inc., Brighterion Inc., Microsoft Corporation, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications, and eGain Corporation are some of the major players which have been profiled in this study. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players has been provided as part of company profiling.
- Below is the list of acronyms used in the report:
- SMAC – Social, Mobile, Analytics, and Cloud
- IoT – Internet of Things